Emotion-memory effects in bilingual speakers: A levels-of-processing approach*

Emotion-memory effects occur when emotion words are more frequently recalled than neutral words. Bilingual speakers report that taboo terms and emotional phrases generate a stronger emotional response when heard or spoken in their first language. This suggests that the basic emotion-memory will be stronger for words presented in a first language. Turkish-English bilinguals performed a deep processing task (emotional-intensity rating) or shallow processing task (counting letter features) and two additional deep processing tasks (translation and word association) on five categories of words (taboo words, reprimands, positive words, negative words, and neutral words), followed by a surprise recall task. Reprimands had the highest recall in English (L2), which may be a novelty effect. If reprimands are set aside, then overall emotion-memory, effects were, similar in the two languages, with taboo words having the highest recall, followed by positive words. Negative words had no recall advantage over neutral words, an unexpected finding. Results indicate that emotional attributes of words are equally available to boost memory in a first and second language in both shallow and deep processing tasks, athough some task-specific effects did occu

Do mutual fund managers exploit the Ramadan anomaly? Evidence from Turkey

Recent literature shows that the holy month of Ramadan exerts a positive influence on investor sentiment in predominantly Muslim countries. This anomaly has been found to be particularly pronounced in Turkey. We therefore examine whether mutual fund managers investing in Turkish stocks are able to benefit from the Ramadan effect. We find that risk-adjusted performance of domestic institutional funds, hybrid funds and foreign Turkish equity funds is substantially higher during Ramadan compared to the rest of the year. By contrast, domestic index funds fail to deliver higher abnormal returns as they are adversely affected by increased money inflows during Ramadan